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IAS 37 elaborates on the application of the recognition and measurement requirements for three specific cases: future operating losses—a provision cannot be recognised because there is no obligation at the end of the reporting period; an onerous contract gives rise to a provision; and a provision for restructuring costs is recognised only when the entity has a constructive obligation because the main features of the detailed restructuring plan have been announced to those affected by it. Contingent liabilities Contingent liabilities are possible obligations whose existence will be confirmed by uncertain future events that are not wholly within the control of the entity.
Contingent assets should not be recognised — but should be disclosed where an inflow of economic benefits is probable. When the realisation of income is virtually certain, then the related asset is not a contingent asset and its recognition is appropriate.
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IAS plus. Login or Register Deloitte User? Welcome My account Logout. Search site. Toggle navigation. Navigation Standards. Navigation International Accounting Standards. Quick Article Links. Overview IAS 37 Provisions, Contingent Liabilities and Contingent Assets outlines the accounting for provisions liabilities of uncertain timing or amount , together with contingent assets possible assets and contingent liabilities possible obligations and present obligations that are not probable or not reliably measurable.
Key definitions [IAS Liability: present obligation as a result of past events settlement is expected to result in an outflow of resources payment Contingent liability: a possible obligation depending on whether some uncertain future event occurs, or a present obligation but payment is not probable or the amount cannot be measured reliably Contingent asset: a possible asset that arises from past events, and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity.
Recognition of a provision An entity must recognise a provision if, and only if: [IAS Some examples of provisions Circumstance Recognise a provision? Restructuring by sale of an operation Only when the entity is committed to a sale, i.
A Board decision is insufficient [IAS The draft RTS also specify the policies, procedures and organisational arrangements that crowdfunding service providers shall have in place in relation to any contingency fund they may offer to investors.
These RTS are the first of two mandates assigned to EBA with a view to contributing to a sound prudential and disclosure framework for crowdfunding service providers. When investing in a portfolio of loans offered by crowdfunding service providers, investors may face potential information asymmetries. In order to address this issue, investors should have access to all relevant information about the composition of their portfolio, including the projects where their funds are invested, as well as the quality of the loans financing such projects.
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